Blocktrail launches multi-signature bitcoin wallet

Blocktrail, an Amsterdam-based Bitcoin wallet, developers platform and block explorer, has launched a multi-platform Bitcoin wallet (iOS, Android and web). The company claims that it is more secure than some existing alternatives, due to the implementation of multi-signature and HD wallet, TechCrunch reports.

“The whole reason why people get into Bitcoin is to no longer be dependent on a bank,” says BlockTrail CTO Ruben De Vries told TechCruch. “The motto that I like about Bitcoin is ‘be your own bank’. You don’t want to be part of a financial system that keeps you hostage when they own your funds.”

Boaz Bechar, CEO and co-founder of Blocktrail, says that the advantage of a decentralized wallet is that the BlockTrail wallet user maintains control over their Bitcoins. They cannot be locked out by a centralized service provider, in case it decides to freeze the account. Even if it gets hacked or suddenly disappears (as in the Mt. Gox case), the user can still transfer their bitcoins.

“People [in the Bitcoin community] know us, and there’s reason to trust our brand and use our apps. But in the case of Bitcoin you don’t even need to trust us, so if we were to disappear… people still own their Bitcoins. We cannot run away with their Bitcoins. And they could still use the app and restore their wallets even without us, which is really what makes us special,” adds Bechar.

However, it needs to noted here that even though Blocktrail does not have access to its users Bitcoins, it is not ‘zero knowledge’, meaning that it can see the transactions and know how many Bitcoin are stored in the wallet.

The company, founded in 2014, raised €500,000 in seed funding from its co-founder Lev Leviev, who also founded Russian Facebook rival Vk.com.